Reliance Capital, a company led by the Anil Dhirubhai Ambani Group (ADAG), is considering foraying into banking sector again. It has tried before but RBI has declined the license due to them being an industrial house too.
The company has charted out a plan for next three to five years, which includes entering the banking sector once regulatory clearance has been granted and also expand globally.
It is looking to expand its asset management, life insurance and broking operations in emerging markets across Asia, Africa, and the Middle East while increasing customer base to 5 crore from the current level of 1.5 crore, tapping 15,000 additional cities and towns for distribution channels against current 5,000 and also to increase business partners to 10 lakh from 5 lakh, as indicated by Anil Ambani, Chairman Rel Capital.
As per the latest reports, Reliance Capital has sold its entire holding in Reliance Industries (RIL) during the fiscal year 2008-09.
The company has sold over 74 lakh shares of RIL which were valued at Rs 129.88 crore at the end of fiscal 2007-08.